Bangladesh Bank Governor Dr Ahsan H Mansur has projected that remittance inflows will reach a record $30 billion in the fiscal year 2024-25, citing strong growth trends and seasonal factors.

Speaking at a seminar organized by the Economic Reporters Forum (ERF) in Dhaka on Thursday, Mansur highlighted that Bangladesh saw a 24% rise in remittances during the first seven months of FY25.

He expects this growth to reach 30% by the end of February, driven by increased remittances ahead of Eid-ul-Fitr and Eid-ul-Azha.

According to central bank data, expatriates sent $15.96 billion in remittances between July 2024 and January 2025.

Mansur also stated that Bangladesh’s macroeconomic situation has stabilized following political changes, with improved balance of payments and exchange rate stability. The country’s current account balance recorded a $33 million surplus in the first half of FY25, compared to a $3.47 billion deficit in the same period last year.

He noted that a stable foreign exchange market and measures against money laundering have contributed to this positive shift.

While private sector credit growth has slowed due to declining deposits and higher government borrowing, he expects improvements as Treasury bill rates have fallen from 12.5% to below 10%.

Mansur also expressed optimism about reducing inflation, targeting 7% by June 2025 and below 5% by FY26. Inflation eased to 9.94% in January, down from 10.89% in December 2024.

Additionally, the government is preparing a ‘Bank Resolution Act’ to address challenges in the banking sector through mergers, acquisitions, and recapitalization.